NOOTY RAMAMOHANA RAO, B.SIVA SANKARA RAO
G. Yadaiah – Appellant
Versus
State Bank of Hyderabad, Rep. by its Authorized Officer – Respondent
Nooty Ramamohana Rao, J.
1. The petitioner in this Writ Petition challenges the validity of the tender-cum-auction sale notice, dated 10.02.2016 published by the Authorized Officer of the 1st respondent State Bank of Hyderabad proposing to conduct the sale on 14.03.2016 from 11.00 A.M. to 1.00 P.M.
2. It is not in dispute that the petitioner has availed certain financial assistance from the respondent State Bank of Hyderabad and he committed default in repaying the loan amount. Therefore, the loan account has been declared as a ‘non-performing asset’ by the bank and measures provided for under sub-section (2) of Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act’), for securitization of the loan account, have been undertaken by it. When the demand notice issued under sub-section (2) of Section 13 providing sixty days’ time to liquidate the liability did not evoke any response from him, the follow-up action contemplated under sub-section (4) of Section 13 has been initiated by putting to sale the secured asset. E-auction sale notice was published by the 1st respondent on 10.02.2
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